The European Union said today it trusts that Greece will honor its commitments to the euro area and the international community, following the announcement of a referendum in that country.

“We take note of the intention of the Greek authorities to hold a referendum. We are convinced that this agreement is the best for Greece. We fully trust that Greece will honor the commitments undertaken in relation to the euro area and the international community,” according to a statement from European Council President Herman Van Rompuy and European Commission President Jose Barroso.

“The presidents of the European Council and Commission have had a telephone conversation with Prime Minister Papandreou. The presidents are in contact with members of the Eurozone and will continue to be in the margins of the G20 meeting in Cannes,” according to the statement distributed by e-mail.